National Office of Statistics confirms financial gloom

It’s official: UK is in recession

Reports of the economy shrinking in the fourth quarter of 2008 have been issued by the Office for National Statistics today.

The UK is now officially in recession. The last confirmed recession began in 1991.

Analysts had anticipated that the report would reveal that the economy has shrunk by as much as 1.2 per cent in Q4. Although today’s report suggests that figure was higher, resting at 1.5 per cent. Q3 saw a 0.6pc contraction.

The unsurprising news has been followed by much speculation as to how long the recession will last and which industries will be worst hit.

The Daily Telegraph reports that most forecasters predict the economy would shrink for at least six successive quarters from Q3 2008.

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